By Lucia Mutikani WASHINGTON, Feb 26 (Reuters) - The average rate on the popular U.S. 30-year fixed-rate mortgage fell below 6% this week for the first time in 3-1/2 years, but economists said the improvement was likely temporary and on its own insufficient to boost housing demand unless ‌supply increased. The 30-year fixed mortgage rate averaged 5.98%, the lowest level since September 2022, from 6.01% last week, mortgage finance agency Freddie Mac said ‌on Thursday. It averaged 6.76% during the same p ...

NEW YORK--(BUSINESS WIRE)--Citi today announced its Blueprint for Housing Opportunity initiative — a $60 billion five-year housing affordability commitment dedicated to increasing the supply of housing through the creation and preservation of at least 250,000 units across the U.S. In addition, the Citi Foundation will deploy $50 million in philanthropic grants to non-profits addressing housing challenges and supporting the financial health of residents in their communities, starting with a $1 m. ...

Eisen said ResiBuilt currently has 23 active fee-build contracts, with more than 2,000 home starts planned for 2026 and beyond. Management expects “nearly all” near-term activity to remain third-party fee-based, which Eisen said should generate capital-light earnings and provide “modest accretion” to 2026 AFFO. Beyond contracted work, Eisen said ResiBuilt offers opportunities to develop around 1,500 lots in Atlanta, Charlotte, and Orlando, and that over time Invitation Homes expects to selectively develop h ...

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved same-store NOI growth of 2.3%, driven by 2.4% core revenue growth and 2.6% core expense growth [14] - In the fourth quarter, same-store NOI grew 0.7% year-over-year, supported by 1.7% growth in core revenues and a 4% increase in core expenses [14] - Core FFO for the fourth quarter increased 1.3% year-over-year to $0.48 per share, while Core FFO for the full year was up 1.7% to $1.91 per share [19] - AFFO for the fourth quarter was generally flat year-over-year at $0.41 per share, while AFFO for the full year grew by 1.8% to $1.63 per share [20] Business Line Data and Key Metrics Changes - Same-store average occupancy for the year was 96.8%, landing at the high end of the 2025 guidance [14] - Fourth quarter blended rent growth was 1.8%, reflecting strong renewal rent growth of 4.2%, which more than offset a 4.1% decline in new lease rates [15] - The company expects to achieve $0.14-$0.20 of incremental AFFO per share growth over the next three years, with operational enhancements expected to provide roughly half of the projected AFFO growth [16] Market Data and Key Metrics Changes - The company noted that supply levels in core markets, particularly Florida, Texas, and Arizona, have been slightly elevated but are beginning to come down [26] - The company is seeing healthy demand, with lead volume remaining strong compared to last year [25] Company Strategy and Development Direction - The company is focused on delivering attractive same-store NOI growth, allocating capital thoughtfully across growth opportunities and share repurchases, and using scale and technology to drive efficiencies [10] - The acquisition of ResiBuilt Homes enhances in-house development capabilities and aims to add more homes to the markets served, addressing housing affordability [12][13] - The company plans to maintain a strong balance sheet while expanding housing choice and flexibility in communities [11] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of housing affordability and the commitment to providing well-maintained, high-quality homes for residents [7][8] - The company is optimistic about the upcoming peak leasing season, noting healthy demand and a strong lead volume [25][26] - Management acknowledged the challenges posed by elevated supply levels in certain markets but expressed confidence in the fundamentals of supply and demand [26] Other Important Information - The company ended the year with $1.7 billion in total liquidity and maintained a conservative leverage profile [18] - The Board of Directors authorized a $500 million share repurchase program, with 3.6 million shares repurchased totaling approximately $100 million [19] Q&A Session Summary Question: Expectations for same-store blended rent growth - Management indicated that it is premature to draw conclusions about the peak leasing season, but lead volume feels healthy compared to last year [24] Question: Comments on institutional investor ban - Management is engaged with policymakers and is hopeful for clarity on regulations affecting affordability and homeownership pathways [29] Question: Commentary on expense growth assumptions - Management noted that property tax growth was favorable in 2025, but they expect some challenges in 2026 due to tougher comps and rising insurance costs [41][42] Question: Supply-demand balance in key markets - Management acknowledged that while supply is elevated, they expect demand to catch up as peak deliveries are in the past [90]

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved same-store NOI growth of 2.3%, exceeding the midpoint of guidance, driven by 2.4% core revenue growth and 2.6% core expense growth [14] - In Q4, same-store NOI grew 0.7% year-over-year, supported by 1.7% growth in core revenues and a 4% increase in core expenses [14] - Core FFO for Q4 increased 1.3% year-over-year to $0.48 per share, while full-year Core FFO rose 1.7% to $1.91 per share [20] Business Line Data and Key Metrics Changes - The company reported a blended rent growth of 1.8% in Q4, with renewal rent growth at 4.2%, offsetting a 4.1% decline in new lease rates [15] - Same-store average occupancy for the year was 96.8%, at the high end of guidance [14] Market Data and Key Metrics Changes - The company noted that supply levels in core markets, particularly Florida, Texas, and Arizona, have been slightly elevated but are beginning to decrease [26] - The company is seeing healthy demand for single-family housing, with lead volume remaining strong [26] Company Strategy and Development Direction - The acquisition of ResiBuilt Homes enhances the company's in-house development capabilities, allowing for better control over cost, product quality, and delivery pace [12] - The company aims to deliver attractive same-store NOI growth, allocate capital thoughtfully, and maintain a strong balance sheet while expanding housing options [10][11] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of housing affordability and the company's commitment to providing well-maintained homes for families [7] - The company expects to achieve $0.14-$0.20 of incremental AFFO per share growth over the next three years, with operational enhancements contributing to this growth [16] Other Important Information - The company ended the year with $1.7 billion in total liquidity and a net debt to adjusted EBITDA ratio of 5.3 times [18] - The Board of Directors authorized a $500 million share repurchase program, with $100 million already executed [19] Q&A Session Questions and Answers Question: What are the expectations for same-store blended rent growth? - Management indicated that the mid-2% blended rent growth aligns with guidance, noting that it is premature to draw conclusions based on early-year performance [24][25] Question: Can you comment on the Institutional Investor Ban and its implications? - Management expressed optimism about discussions with policymakers and emphasized the importance of clarity in regulations affecting the industry [29][30] Question: What factors are leading to a slower pipeline with homebuilders? - Management noted strong relationships with homebuilders but indicated a cautious approach to future transactions due to cost of capital considerations [73][75] Question: Can you provide more details on expense growth assumptions? - Management explained that property tax growth is expected to be consistent year-over-year, while insurance costs may see increases due to market conditions [41][44] Question: How will the ResiBuilt platform assist in growing the build-to-rent platform? - Management highlighted that ResiBuilt will serve as a general contractor and will continue to work with third parties while exploring opportunities for internal projects [78][79]

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved same-store NOI growth of 2.3%, driven by 2.4% core revenue growth and 2.6% core expense growth [13] - In the fourth quarter, same-store NOI grew 0.7% year-over-year, supported by 1.7% growth in core revenues and a 4% increase in core expenses [13] - Core FFO for the fourth quarter increased 1.3% year-over-year to $0.48 per share, while Core FFO for the full year was up 1.7% to $1.91 per share [18] - AFFO for the fourth quarter was generally flat year-over-year at $0.41 per share, while AFFO for the full year grew by 1.8% to $1.63 per share [18] Business Line Data and Key Metrics Changes - The company reported a blended rent growth of 1.8% in the fourth quarter, with strong renewal rent growth of 4.2, offsetting a 4.1% decline in new lease rates [14] - Same-store average occupancy for the year was 96.8%, landing at the high end of the 2025 guidance [13] - The acquisition of ResiBuilt Homes is expected to enhance in-house development capabilities, with ResiBuilt delivering over 1,000 homes per year [11][12] Market Data and Key Metrics Changes - The company noted that residents in its market save nearly $12,000 a year on average by renting, which helps families manage budgets and access better neighborhoods [6] - The company is seeing healthy demand in its markets, particularly in Florida, Texas, and Arizona, despite some supply pressures [24][90] Company Strategy and Development Direction - The company aims to deliver attractive same-store NOI growth, allocate capital thoughtfully, and maintain a strong balance sheet [9][10] - The acquisition of ResiBuilt is part of a strategy to add more homes to the markets served and improve control over cost, product quality, and delivery pace [8][12] - The company is focused on modernizing its service model and enhancing the resident experience through operational efficiencies [16] Management's Comments on Operating Environment and Future Outlook - Management highlighted that housing affordability remains a significant challenge, with a commitment to providing well-maintained, high-quality homes [5] - The company expects to achieve $0.14-$0.20 of incremental AFFO per share growth over the next three years, with operational enhancements expected to provide roughly half of this growth [15] - Management expressed confidence in navigating the current regulatory environment and emphasized the importance of affordability and pathways to homeownership [30][31] Other Important Information - The company ended the year with $1.7 billion in total liquidity and maintained a conservative leverage profile [17] - The Board of Directors authorized a $500 million share repurchase program, with 3.6 million shares repurchased totaling approximately $100 million [18] Q&A Session Summary Question: Expectations for same-store blended rent growth - Management indicated that the mid-2% blended rent growth aligns with guidance, noting that it is premature to draw conclusions based on early-year performance [22][23] Question: Commentary on the Institutional Investor Ban - Management is engaged in discussions with policymakers and is focused on affordability and pathways to homeownership [27][30] Question: Expense growth assumptions - Management noted that property taxes and insurance costs are expected to rise, with overall controllable expense growth projected in the range of 1%-2% [39][42] Question: Share repurchase strategy - Management emphasized the importance of capital allocation and indicated that share repurchases would be considered when shares are trading at a significant discount to asset value [45][47] Question: Supply-demand balance in key markets - Management acknowledged a slight oversupply in certain markets but expressed confidence in long-term demand for rental products [88][90]

Live from New Delhi. This is inside with Haslinda Amin, where we will dig into India's fast rising artificial intelligence ambitions and the shockwaves hitting the country's storied I. T.giants. As India hosts one of the world's biggest AI summits. We speak live with Schneider Electric CEO Olivia Bloom, ServiceNow president and CEO Omid Zaveri and Fractal Analytics co-founder and CEO.Trick on the Alarm, uncanny about how this technology is reshaping the world. And we bring you more from our conversations wi ...

Core Insights - Renters gained leverage over landlords in 2025 due to increased rental vacancies and new apartment construction, with vacancies rising to 7.6% from 7.2% the previous year [1] - The rental market is shifting towards a more balanced state, allowing renters more flexibility and choice [1] Rental Vacancies Vary by Location - Rental vacancies in Austin, Texas, surged to 13.8% in 2025, up from 8.2% the prior year, while other cities like Buffalo, Dallas, and Detroit also saw increases [1] - In contrast, markets like Pittsburgh and Richmond experienced a shift favoring landlords, indicating regional variability in rental market dynamics [1] New Construction Eases Affordability Crunch - Over 500,000 rental units were completed in 2025, nearing record highs, with affordable housing construction increasing by 73% from 2020 to 2024 [1] - The rise in apartment construction is contributing to a decrease in rent payments, which fell by 1.5% in January compared to the previous year, marking a 29-month decline [1]

Core Viewpoint - MFA Financial is optimistic about its future earnings and return on equity, driven by a supportive interest rate environment and strategic initiatives to enhance profitability [4][7]. Policy and Market Environment - A focus on housing affordability in Washington is expected to support mortgage markets, with an initiative for GSEs to purchase $200 billion of agency MBS and anticipated rate cuts in 2026 [1]. - Treasury yields have declined significantly, with the 2-year yield down 77 basis points and the 10-year yield down 39 basis points for the year, leading to a steeper yield curve [2]. Financial Performance - The Bloomberg US Aggregate Index rose 7.3% in 2025 after three consecutive annual declines, indicating a recovery in fixed income markets [3]. - MFA's GAAP book value was $13.20 and economic book value was $13.75 at year-end, with Q4 GAAP EPS at $0.42 and distributable earnings at $0.27 per share [5][8]. Earnings and Strategic Actions - MFA executed several strategic actions to boost earnings, including deploying over $100 million of excess cash, resolving over $150 million of delinquent loans, and reducing G&A expenses to $119.4 million for 2025 [6][13]. - The company acquired nearly $2 billion of residential mortgage assets in Q4, with a focus on agency and non-QM loans [14][19]. Portfolio and Securitization - The agency portfolio grew over 50% during the quarter to $3.3 billion, primarily through purchases made before spreads tightened [14]. - MFA issued its 21st non-QM securitization in December, selling $424 million of bonds at an average cost of 5.26%, and plans to call and reissue certain securitizations to unlock capital [16]. Growth Initiatives - Lima One is identified as a key growth driver, with plans to expand its sales team and relaunch multifamily lending in 2026 [17]. - The company sold $45 million of longer-duration rental loans to third-party investors, generating $1.4 million in gain-on-sale income [18]. Future Outlook - Management expects distributable earnings to align with the common dividend in the latter half of 2026, with an estimated 3% increase in economic book value since year-end [21].

🚨 BIG: U.S. housing affordability has reached its lowest level in history. https://t.co/tEVRyWozfe ...